What is the name of your state? Colorado
the owner of the firm I work for has failed to produce statments of account for employee Profit Sharing and the Retirement/Defined Benefit programs for 4 years now. When asked about them, the reply is too bad; it is his money. The type of plans are 100% employer contributions, thus prohibiting employees from making contributions to other savings/retirement plans other than a Roth.
As the VP of Sales/Operations, with many staff members reporting to me, I am at a loss as how to proceed. My own accounts are in question as well. The owner is unwillling to be forthcoming; nor produce our statements. Many of us are 100% vested in both plans and wonder what to do. I need some advice as to what actions I can take without putting my employment at risk. 4 years ago, I personally had a significant value to both plans and the company has been very profitable during this time. I am intimatley involved with the finanaces thus know there have been contributions made yearly to both plans.
Also, I have been made aware that the 2 owners have over-stated their annual income to the adminsitrator, thus providing them with increased portions to the plan. This is certainly morally wrong, but how or is this challenged? Is this legal? The plans are based on how old and how much income you ear anually; then the actuaary tables take it from there. I fhte owners are over-stating thei annual salaries in order to gain a larger % of the contributions; is this legal?
When queried about the status of the plans, when the staff can expect statements, etc., and why no statments have been given out for such a long time, I am met with hostility and nasty comments. Pay is not the best; but most are working for the benefits; which in their mind, are not real since the employers are being so elusive.
Please advise.
the owner of the firm I work for has failed to produce statments of account for employee Profit Sharing and the Retirement/Defined Benefit programs for 4 years now. When asked about them, the reply is too bad; it is his money. The type of plans are 100% employer contributions, thus prohibiting employees from making contributions to other savings/retirement plans other than a Roth.
As the VP of Sales/Operations, with many staff members reporting to me, I am at a loss as how to proceed. My own accounts are in question as well. The owner is unwillling to be forthcoming; nor produce our statements. Many of us are 100% vested in both plans and wonder what to do. I need some advice as to what actions I can take without putting my employment at risk. 4 years ago, I personally had a significant value to both plans and the company has been very profitable during this time. I am intimatley involved with the finanaces thus know there have been contributions made yearly to both plans.
Also, I have been made aware that the 2 owners have over-stated their annual income to the adminsitrator, thus providing them with increased portions to the plan. This is certainly morally wrong, but how or is this challenged? Is this legal? The plans are based on how old and how much income you ear anually; then the actuaary tables take it from there. I fhte owners are over-stating thei annual salaries in order to gain a larger % of the contributions; is this legal?
When queried about the status of the plans, when the staff can expect statements, etc., and why no statments have been given out for such a long time, I am met with hostility and nasty comments. Pay is not the best; but most are working for the benefits; which in their mind, are not real since the employers are being so elusive.
Please advise.
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